Few coins in American history command as much attention or value as the 1787 Brasher Doubloon. When one of these rare specimens sold for $9.36 million in 2021, we witnessed more than just a record-breaking auction – we saw the enduring legacy of America’s first gold coin.
As enthusiasts of coins and history buffs ourselves we have always appreciated the Brasher Doubloon for its significance, beyond money. This exceptional piece symbolizes a juncture in the days of our country during which Ephraim Brasher’s skill as a goldsmith shone through in crafting a coin that played a role, in shaping America’s financial heritage.
Let’s delve into the captivating story of the Brasher Doubloon. From its origin, in revolutionary New York to becoming one of the most prized coins ever produced in history! We will investigate its features. How it relates to George Washington while also exploring its enduring influence, on American coin collecting.
Here we are looking at one of the most significant times in the history of America where the new nation faced some of the worst economic times. The economy of the country was in a very poor state following the revolutionary war as the British navy had destroyed most of the American ships and hence affected the trade relations.
The economic landscape of post-revolutionary America was marked by several critical challenges:
- Restricted exports to Britain
- Prohibited trade with British Caribbean sugar colonies
- Flood of cheap British manufactured imports
- High state-level war debts fueling inflation
In our study of history we have seen how these difficulties highlighted the importance of having a currency system in place. During the time of the Articles of Confederation both Congress and individual states were given the authority to mint coins. This shared power resulted in a scenario where a coins value could vary depending on which state it was.
During a period of turmoil, like this one private individual are creating prototype coins referred to as pattern coins in the hopes of securing deals with the United States. It was in this era that Ephraim Brasher, a craftsman specializing in gold and silver conceived his idea, for American currency.
Brasher’s unique vision is intriguing, due to his focus on crafting top notch coins tailored for trade purposes specifically. Although numerous private minters were active at that time Brasher’s craftsmanship distinguished itself through its care, for precision and excellence. The doubloons he produced consisted of around 90% gold and 6% silver showcasing his dedication to upholding quality standards.
The emergence of coin production, in the United States signifies more than just a reaction to economic requirements; it embodies the entrepreneurial drive that eventually shaped our country’s identity. Brasher’s decision to create copper coins after New York rejected his proposal reflects the spirit that was integral, to the era of American ingenuity.
Crafting the Legendary Doubloon
Let’s take a look, at the workmanship involved in creating what is widely regarded as the initial gold coin of America.
Brasher's innovative design elements
The craftsmanship seen in the 1787 Brasher Doubloon showcases a blend of state pride and national ambitions with a range of features that truly set this coin apart;
- The obverse features a rising sun over mountains with sea in foreground, symbolizing new beginnings
- The reverse displays an eagle clutching an olive branch and arrows, representing peace and strength
- Latin inscriptions “NOVA EBORACA COLUMBIA EXCELSIOR” (New York, America, Ever Higher) encircle the design
Manufacturing techniques and tools used
We are intrigued by the manufacturing process the method Brasher used with pressure molding and two steel halves encased in lead, for creating the product:
- Pressing gold blanks between engraved steel dies
- Trimming edges for precise weight
- Smoothing the surfaces manually, as milling machines didn’t exist in 1787
The composition reveals Brasher’s expertise in metallurgy, with the coins containing approximately 90% gold and 6% silver. What’s remarkable is that this differs from the typical Spanish doubloon composition, indicating that Brasher personally refined the gold rather than simply melting existing coins.
Quality control and authentication marks
Our research indicates Brasher’s dedication to quality evident in his verification method known as the “EB” emblem which gained recognition as an indicator of legitimacy, among collectors and enthusiasts alike. The majority of items feature this symbol on the wing of the eagle; however; an exceptional artifact showcases it on the eagle’s chest distinguishing it from the rest. This marking was not for ornamentation but served as Brasher personal assurance regarding the coins accuracy and purity—a tradition akin to his verification process of foreign coins, for financial institutions.
A Neighbor's Influence: The Washington Connection
In our research of the history of the Brasher Doubloon we have found another aspect of this story that enriches it. The relationship between Ephraim Brasher and George Washington was not only a professional one, but the two men were also neighbors, living in New York’s fashionable Cherry Street district.
Life on Cherry Street in New York
It is quite fascinating that Brasher lived at 5 Cherry Street which means he lived in Cherry Hill, and was only a few houses away from Washington’s residence at 3 Cherry Street, during the time New York was the capital. Cherry Hill was one of the most elegant parts of New York in the late 18th century located just to the north of the present day Brooklyn Bridge.
George Washington's patronage
Our research reveals that Washington wasn’t just Brasher’s neighbor – he was also a valued customer. The first president’s appreciation for Brasher’s craftsmanship is evident in his purchases:
- Four silver skewers (with preserved receipt dated April 17, 1790)
- Four Neoclassical trays (acquired September 6, 1790)
These objects weren’t items. They were showcased at significant state dinners and social events to highlight Brasher’s exceptional craftsmanship.
Impact on American currency development
We have also found out that Washington’s impact went beyond the patronage. His views on currency helped to define the monetary system of America. Washington had strong views on currency and one of the things that he disliked was the depiction of rulers’ portraits on coins since he believed that was an act of a tyrant. This philosophy was reflected in the early American coinage designs, for Washington preferred Liberty images instead of presidential likeness.
Legacy and Cultural Impact
The 1787 Brasher Doubloon is still today an object of fascination due to auctions high and valued culture appearance, thus becoming a part of the history of numismatics and the United States mythology.
Record-breaking auction history
We’ve witnessed the Brasher Doubloon’s value soar to unprecedented heights in recent years. The most spectacular sale occurred in January 2021, when a specimen achieved an astounding $9.36 million at Heritage Auctions. This remarkable achievement made it the second most expensive U.S. coin ever sold at auction. Prior to this, we saw the coin command impressive figures: $2.99 million for the unique New York Style EB Punch on Breast specimen and $2.415 million for the New York Style EB Punch on Wing variant.
Appearances in literature and film
The Brasher Doubloon’s mystique extends beyond collector circles into popular culture:
- Featured in Raymond Chandler’s 1942 mystery novel “The High Window”
- Adapted into two films:
- “Time to Kill” (1942)
- “The Brasher Doubloon” (1947)
Influence on American numismatics
The significance of the Brasher Doubloon goes beyond being a coin; it symbolizes the foundation of American private coin minting history as emphasized by renowned Texas dealer B. Max Mehl who described it as unmatched in historical significance and numismatic rarity among others. The existence of seven of these coins adds to their allure. Each one carries with it a tale of the entrepreneurial spirit and skilled craftsmanship of early America.
The impact of the coin, on collecting is significant. It has earned a place in the Guinness Book of World Records. Is also known as “The World’s Most Famous Coin” appealing to both dedicated collectors and hobbyists alike. The coins enduring legacy motivates aspiring numismatists. Reflects America’s monetary history.
Conclusion
In delving into the 1787 Brasher Doubloons history and significance we’ve discovered beyond the tale of Americas initial gold coinage creation. This exceptional piece embodies a blend of importance artistry, and lasting worth that solidifies its status as a pivotal aspect of American coin collecting.
The influence of Ephraim Brasher endures not in his designs and creative methods but also, in his strong ties to George Washington and the early financial growth of America. The remarkable auction record of $9.36 million set, in 2021 demonstrates how even after years have passed since its creation this coin continues to inspire wonder and earn admiration.
It’s truly fascinating how the Brasher Doubloon goes beyond being money and embodies the American entrepreneurial drive instead with seven pieces; in existence each coin carries a distinct tale from the early days of our country’s history when skilled artisans such as Brasher played a pivotal role, in shaping America’s financial identity with their dedication and skillful craftsmanship.
This special coin serves, as a reminder that coins hold stories that are worth more than their weight in gold at times. Gaining knowledge from studying these seven remaining coins gives us insights into the beginnings of coin production and the creative minds, behind our country’s initial financial structure.
FAQs
Q1. What makes the 1787 Brasher Doubloon so significant in American history? The Brasher Doubloon is considered America’s first gold coin, created during a time of economic challenges in post-revolutionary America. It represents early American entrepreneurship and played a crucial role in establishing the nation’s monetary identity.
Q2. Who was Ephraim Brasher and why is he important? Ephraim Brasher was a skilled goldsmith and silversmith who created the Brasher Doubloon. He was also a neighbor and valued customer of George Washington, and his work significantly influenced early American coinage design and quality standards.
Q3. How much is a Brasher Doubloon worth today? In January 2021, a Brasher Doubloon sold for a record-breaking $9.36 million at auction, making it one of the most valuable coins in existence. Other specimens have sold for millions as well, reflecting its extreme rarity and historical significance.
Q4. What unique features does the Brasher Doubloon have? The Brasher Doubloon features innovative design elements including a rising sun over mountains on the obverse and an eagle on the reverse. It also bears Brasher’s “EB” hallmark, which served as his personal guarantee of the coin’s weight and fineness.
Q5. How many Brasher Doubloons are known to exist? There are only seven known specimens of the 1787 Brasher Doubloon in existence today, making it one of the rarest and most sought-after coins in American numismatics.
